SINGAPORE - The Straits Times Index (STI) rose 0.2 per cent, or 6.99 points, to 3,218.08 on Tuesday amid improving market sentiment.
Across the broader market, gainers beat losers 278 to 254 after 1.3 billion shares worth $909.9 million were traded.
Qontigo Asia-Pacific head of applied research Olivier d’Assier said that investor sentiment has continued to improve globally in the past two weeks, recovering from lows reached during the United States banking crisis in March.
“Markets and sentiment have recovered globally since mid-March, but this recovery has been driven by declining volatility and a continued preference for highly liquid, large and profitable companies with a well-diversified revenue base away from China and no or little debt,” he said.
On the STI, DBS Bank was the top gainer, rising 1.9 per cent, or 58 cents, to close at $31.49.
As for the other local banks, UOB gained 0.5 per cent, or 15 cents, to close at $27.95, while OCBC shed 0.3 per cent, or four cents, to $12.26.
In the region, Japan’s Nikkei fell 0.4 per cent, snapping an eight-day rally.
China’s stocks posted their biggest fall in a month as China’s CSI300 Index slumped 1.4 per cent, the Shanghai Composite Index shed 1.5 per cent, and Hong Kong’s Hang Seng Index closed 1.25 per cent lower.
The falls come as market participants remained worried about the country’s slowing economic recovery, while a weakening yuan and geopolitical risks kept investor sentiment fragile.
On the other hand, South Korean shares rose 0.4 per cent, supported by battery makers. THE BUSINESS TIMES
- With additional information from Reuters
